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Semen Gresik Reports Lower Earnings

Updated April 24, 2002 6:11 a.m. ET

Indonesian cement maker PT Semen Gresik said Wednesday that foreign-exchange losses dragged its 2001 earnings down 7.3% to 317.47 billion rupiah ($33.8 million) from 342.76 billion rupiah in 2000. The company said sales, however, were higher at 4.65 trillion rupiah compared with 3.59 trillion rupiah a year earlier. Gresik said earnings were lower due to foreign-exchange losses of 150.49 billion rupiah. The company made foreign-exchange gains of 15.66 billion rupiah the previous year. Gresik is majority owned by the Indonesian government.